Nearly a month after Brexit we take a look at its impact on local mortgages.
On June 23, Britain voted to leave the European Union in a controversial decision known as Brexit. The vote sent much of the world into a panic about what would happen next.
“Which caused a lot of uncertainty in the global markets affecting the stock market and housing prices in the UK and also currency. The British Pound fell to record lows, at least the lowest it’s been in three or four decades,” said United Real Estate Realtor, Josh Bryan.
A big concern in the states was the housing market. And now, a month later - we’ve seen little impact. Mortgage rates in Illinois have been hovering around 3.4%. However they won’t stay low for much longer.
“At first a lot of experts said interest rates would fall and remain low for sometime, initially they did fall to near record lows for 30 year mortgages. But just recently Freddy Mac has said that the interest rates have stabilized and increased a little bit over the last 2 weeks so it’s getting back to normal,” said Bryan.
Bryan says rates are expected to increase to 5% by 2019.